Peru and Australia are likely to sign a Free Trade Agreement (FTA) in December 2017. The deal will come into force next year, the Andean country's Foreign Trade and Tourism Ministry (Mincetur) informed.
"The text is undergoing a legal review process so that it's
ready to be signed by December 2017 or [sometime] in the first weeks of January 2018," Deputy Foreign Trade Minister Edgar Vasquez pointed out.
"It will come into force next summer," the government official added.
After his participation in the Dream Builder – Ella
Exporta (She Exports)
congress, he recalled President Pedro Pablo Kuczynski —along with some ministers— signed a
Declaration of Intent to conclude negotiations for the
Peru-Australia FTA at the 2017 Asia-Pacific Economic Cooperation (APEC) Summit.
Likewise, Vasquez said feasibility studies show the FTA might have an impact of 14% on Peru's exports to the abovementioned nation.
"This is relevant, considering Australia sets high standards for the world. Plus, thanks to this trade deal, the said requirements will be shortened," he noted.
Bilateral trade
Australia has a significant development in mining technology as well as in service providers.
For this reason, Vasquez affirmed Australian investors may be interested in making partnerships in Peru, allowing business clusters in fields such as services and mining technology.
"The Australian market is interesting to the Peruvian agro-industry and alpaca textiles, as well as to some industrial products in the plastics and chemicals sector, which could have the potential to enter this market," he concluded.
(END) MMG/JJN/JAA/RMB/MVB
Published: 11/21/2017